UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Coach

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Coach

, but lowered its price target from $55.00 to $50.00. Jefferies noted, “COH missed 2Q results due to a tough macro and rising competition, and the 2H outlook is now more cautious. As topline momentum decelerates we see further EPS risk in coming qtrs. We believe these near term challenges offset long term strength from COH's expanding men's category and int'l markets. As such we remain on the sidelines for now; lowering PT to $50 and reiterating Hold.” Coach closed on Tuesday at $51.94.